Hummingbird Resources Share Discussion Threads

[rileyma] 02/7/2018 09:32

Clear concise drilling update 👌
Align broker note link posted on lse

[charles clore] 02/7/2018 09:08

Knowing HUM the results won't disappoint.

[darola] 02/7/2018 09:04

Good opportunity for steady positive news flow as the results of each section are released.

[charles clore] 02/7/2018 08:53

That's a humdinger of a drilling programme!

[ukgeorge] 01/7/2018 17:21

I wonder what date we will get q2 results....

[peterpowell21] 30/6/2018 10:47

So bloody cheap these shares.

[rrr] 27/6/2018 09:51

Great comments on the Liberian Observer article, well done.

[ukgeorge] 27/6/2018 09:37

At the current share price I think buy backs are a good idea. GFM Griffin mining have been doing this and done very well. Although they need imo to maintain a decent wedge of cash and I would also like debt to be cut even if this incurs penalties.

[roguetreader] 27/6/2018 09:29

Jim
Thanks for the AGM review link. All pretty positive, although personally I'm not a huge fan of share buybacks.
RT

[bittorrent] 27/6/2018 08:55

Nice one gold panda, if you read that article without knowing about Yanfolila you would believe all the rubbish written!

[gold panda] 27/6/2018 08:39

The Daily Observes in Liberia is just begging for a lawsuit from Hummingbird

Did Liberia Award Its Gold Mine Field to A Bankrupt Company?
hxxps://www.liberianobserver.com/opinion/commentaries/did-liberia-award-its-gold-mine-field-to-a-bankrupt-company/

just wrote an angry comment below the article

[rrr] 26/6/2018 20:49

Thanks from me too Jim.

[simoore89] 26/6/2018 20:37

Thanks for sharing

[jimbowen30] 26/6/2018 20:17

AGM report from the LSE board:

[redtrend] 26/6/2018 10:41

I'm not quite sure what you mean by the strip is already out the way, in reference to stripping ratio over the life of mine?

With HUM gold close to surface there isn't a huge amount of "pre-stripping", but is this what you're referring to - the preparation of the areas? Thereafter with an assumed average 3g/t throughout the Life of Mine, why would the stripping ratio change all that much?

We will always have a large fuel input due to high stripping ratio

[zeberdie] 26/6/2018 10:07

AISC drops as time goes on as the strip is already out of the way.

[ukgeorge] 26/6/2018 09:02

Hi Red that was pretty much my thinking.

But costs could have increased more if fuel is now $1 oposed to .6/lt used in the DFS

using $0.6 and assuming 33% of cost are fuel 720 x .33 = 240

240/ 0.6 x 1 = 400 new higher fuel price

720-240 + 400 = $880/oz



AISC below $900 would still be good.

[redtrend] 26/6/2018 08:25

UK George - fair point if the most recent AISC of $750-800 provided by HUM in May was based on the DFS fuel price of $0.6 per litre.

I would agree no company ever really meets its DFS targets (for HUM that was circa $720 based on fuel price of $0.6), but normally a company would stand a good chance of meetings its last forecast, which for HUM was provided in May when they already had April behind them.

However checking the bonus options you mention, it is concerning they again mention the $0.6 per litre, making me think the AISC of $750-800 may also be based on $0.6 litre.

The current fuel price in Mali is around $1. I don't know if HUM get a subsidy or wholesale discount? But with high energy mining operations approx 33% of costs in fuel, a 33% increase in fuel could add circa $85 to the AISC. So you do potentially end up with a AISC range of $835-885 so your $900 could end up right.

[gold panda] 26/6/2018 07:55

just stumbled on an article in the Libearian press. Rarely have I seem an article that is so full of poop

Gross Conflict of Interest in Hummingbird Concession Deal

hxxps://www.liberianobserver.com/news/gross-conflict-of-interest-in-hummingbird-concession-deal/

"Grand Kru Senator and President Pro Tempore of the Liberian Senate, Albert Tugbe Chie, is said to be a 10 percent shareholder in the Hummingbird Resources, which he has refused to confirm or deny."

"Further according to reports, the Hummingbird resources are expected to mine about 14 trillion ounces of gold over the 20-yr life span of the project."

"Things have not been made any clearer now that the agreement has been passed and signed into law. In the previous agreement, as of July 2015 and 2016 respectively, when submitted to the Senate, the company was to pay the government a US$1.5 million signature fee once the Agreement was ratified by the Legislature, and another US$1.5 million on the granting of the mining license.

Hummingbird, on annual basis commencing on the first anniversary of the effective date of the Agreement, will contribute an amount to the Social Development Fund (SDF) for the affected communities, which means those areas in which the company will do its mining. The SDF during years one and two will be US$100,000; years three and four, US$150,000; years five to 10, US$200,000; and years 11 onward, US$250,000 throughout the 25-year Agreement."

And this is yet another proof why I consider most of Africans complete imbeciles

hxxps://www.sciencedirect.com/science/article/pii/S0160289609001275

[plasybryn] 26/6/2018 07:48

Ariana Resources has (beaten forecast) and its costs are around$700.

[ukgeorge] 26/6/2018 07:29

The mine has a high strip ratio and it will have a hfo power plant which will mean the cost will be higher due to the increase in oil prices. Also virtually no gold mining company ever meets cost targets. Interesting that the vastly discounted bonus options have a caveat that allows cost to be higher.... A headging strategy on oil would have been sensible. I also think some headging of gold around $1350 would be sensible (When it gets there).

[redtrend] 26/6/2018 05:57

I don't think the market would look too favourably at a AISC of $900. I certainly would not.

If HUM are already up to their full steady state of 10K+ oz per month which they appear to be and therefore for a full year at commercial production on track to achieve the 120-135K Oz (i.e 30-32.5K oz per quarter), the AISC should be around $750-800 mark.

The $750-800 is the forecast AISC reported in the 2017 Audited Final Results issued in May, so it would be a disappointment if this was breached as considerably as $900. As a note, the presentation in Dec-2017 stated a AISC of $700, so the AISC forecast has already increased.

[ukgeorge] 25/6/2018 17:22

I think there are an awful lot of people (including me) waiting for these first set of results before they top up or jump back in.

If we do get confirmation of 30koz at AISC of $900 or better the shares should (fingers crossed) start to re rate pretty quickly.